Is Palatine, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palatine is a seller's market

Buyer's
Market

Difference Since September 2021

Since last year, Palatine has remained a Seller's Market.

Key Takeaway

Palatine is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Palatine, IL cost?

Median Sold Price

$275,085

$179/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2021

+$735(+0.3%)

Key Takeaway

The sold price of homes in Palatine has remained the same since last year.

Median Sold Price By Bedroom Count

# BEDSSep 2021Sep 2022%
1 $110K$120.2K
+9.3%
2 $185K$198.1K
+7.1%
3 $300K$330K
+10.0%
4 $420K$451K
+7.4%
5+ $520K$530K
+1.9%

Median Sold Price Compared To Nearby Cities

Inverness
+13.4%
Deer Park
+12.3%
Palatine Township
+4.2%
Rolling Meadows
+3.3%
Palatine
0.3%

How many homes are available in Palatine, IL?

Number of Homes For Sale

Aug 2022Sep 2022%
290285-1.7%

Homes For Sale By Bedroom Count

# BEDSAug 2022Sep 2022%
1 3524
-31.4%
2 9392
-1.1%
3 7982
+3.8%
4 6969
0.0%
5+ 1418
+28.6%

Number of Homes Sold

Aug 2022Sep 2022%
11185-23.4%

Asking Price vs. Sold Price

50 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

25 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palatine, you may be able to get a good deal. 58.8% of homes here sold below asking price last month.

Average Sale Time

Sep 2021Sep 2022%
21 Days17 Days-18.0%

Breakdown of Home Sale Times

69 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Palatine are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Palatine, IL

There are 285 homes are for sale in Palatine, IL real estate market. Between August 2022 and September 2022, Palatine, IL real estate market has seen decrease in the number of listings by 1.7%. While the average time on the market in September 2022 was 17 days, the median list price was $275,085. From August 2022 through September 2022, the following changes in listing prices were observed in this housing market: the cost of 1 bedroom properties went up by 9.3%, prices of 2 bedrooms properties increased by 7.1%, prices of 3 bedrooms properties went up by 10%, prices of 4 bedrooms properties went up by 7.4%, prices of 5 bedrooms properties increased by 1.9%. Volume of homes for sale in this real estate market have seen the following changes: the quantity of 1 bedroom homes went down by 31.4%, 2 bedrooms homes became 1.1% less available, the quantity of 3 bedrooms homes went up by 3.8%, 4 bedrooms homes inventory did not change, 5 bedrooms homes became 28.6% more available. In September 2022, from all listings sold in Palatine, IL there were more than 25 sold above asking price, over 50 sold below and more than 10 were sold right at the asked price.

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